One of the First-Ever Altcoins, Florincoin (FLO), is Still Here Expanding Its Services to Real Companies
Medici Ventures and tZero, two of the subsidiaries of Overstock.com, have been working with the Florincoin (FLO) network in order to re-organize property rights. This shows that the company is working with one of the least hyped digital currencies and blockchain network in the space.
Overstock.com Subsidiaries Work With FLO
These companies have been using the FLO blockchain so as to re-organize property rights. This blockchain was launched back in 2013, before the expansion of the crypto market as we know it today.
The coin was created by Joey Fiscella in New York, a crypto enthusiast that was also working on Litecoin (LTC), Bitcoin (BTC) and Dogecoin (DOGE). One of the main differences with Bitcoin was related to the fact that Florincoin offered additional room for comments in transactions. At that time, it was possible to send a message of 140 characters, similar to what Twitter allowed back at that time. Nonetheless, Florincoin couldn’t be censored.
Projects that are now using Florincoin are focused on an indexing tool that could be used as a backbone for a blockchain-based Google. Thus, Medici Land Governance is adding property records on the FLO blockchain and T-zero is adding digital locate receipts.
There are many other users as well that are implementing this technology to improve their services and processes. The California Institute of Technology is using FLO in order to store 17,000 records of information that was gathered on microscopes.
Chris Chrysostom, a senior software developer working at Medici Ventures, commented about FLO:
“One thing that FLO provides that Bitcoin doesn’t is, right now, it has the ability to accept 1040 bytes of metadata. FLO is able and willing to take on the blockchain boat that many people are critical of in Bitcoin.”
FLO has also become the blockchain technology and network used by the Decentralized Library of Alexandria (DLOA). According to Amy, the co-founder of this project, it is possible to store blogs, video, audio, art, and books on the blockchain and secure them from censorship.
The application then changed its name to just Alexandria and it started using a protocol called the Open Index Protocol (OIP). The number of bytes that a transaction could store moved from 140 to 1,040 today.
FLO has also become a single purpose blockchain that seems to be specifically designed for OIP. This was not a bad thing for FLO because other companies started to have a look at the blockchain network and how it works.
The network has many benefits as well, including a large Bitcoin community, a proof-of-work (PoW) consensus algorithm and full global replication to make censorship attempts transparent.
Now, FLO is the 211th largest digital currency in the market. It has a market capitalization of $16 million and each FLO can be purchased for $0.11. The digital asset could now be traded on Bittrex ad TOKOK exchanges.